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Assembly Bill A7973

2015-2016 Legislative Session

Relates to additional information required in annual reports for limited-profit housing companies

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Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development Committee

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2015-A7973 (ACTIVE) - Details

See Senate Version of this Bill:
S8150
Current Committee:
Senate Housing, Construction And Community Development
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง32-b, Priv Hous Fin L
Versions Introduced in Other Legislative Sessions:
2017-2018: A4775, S625
2019-2020: A4898, S6200

2015-A7973 (ACTIVE) - Summary

Relates to additional information required in annual reports for limited-profit housing companies.

2015-A7973 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7973

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              June 2, 2015
                               ___________

Introduced  by  M. of A. BLAKE, WRIGHT, SIMON, PICHARDO -- read once and
  referred to the Committee on Housing

AN ACT to amend the private housing finance law, in  relation  to  addi-
  tional information required in annual reports for limited-profit hous-
  ing companies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 32-b of the private housing finance law,  as  added
by chapter 216 of the laws of 1978, is amended to read as follows:
  S 32-b. Annual reports. The commissioner shall, on or before the first
day  of July in each year, submit a report to the legislature, THE STATE
COMPTROLLER, AND THE ATTORNEY GENERAL on the implementation  of  article
two  of  this chapter by the commissioner and the supervising agency and
the policy included therein. Such report shall include and not be limit-
ed to rent and carrying charge levels, changes therein, operation of the
state capital grant program and federal subsidy programs, tax  abatement
levels,  total  capital  outlay,  amortization, mortgage interest rates,
income levels served by the housing, surcharge billings and  collections
and  use  of  surcharge  revenues, and vacancy rates.  SUCH REPORT SHALL
ALSO INCLUDE INFORMATION REGARDING ANY  LIMITED-PROFIT  HOUSING  COMPANY
THAT  HAS  VOLUNTARILY DISSOLVED IN THE PRECEDING CALENDAR YEAR, AND ANY
LIMITED-PROFIT HOUSING COMPANY THAT HAS FILED  A  NOTICE  OF  INTENT  TO
DISSOLVE  IN  THE  CURRENT  CALENDAR  YEAR WITH THE COMMISSIONER AND THE
SUPERVISING AGENCY. THIS INFORMATION SHALL INCLUDE, BUT NOT  BE  LIMITED
TO,  THE NAME AND ADDRESS OF THE DEVELOPMENT, THE NUMBER OF UNITS IN THE
DEVELOPMENT, A RANGE OF AMOUNTS OF RENT OFFERED IN THE DEVELOPMENT,  THE
NUMBER  OF  TENANTS  IN THE DEVELOPMENT, THE CURRENT VACANCY RATE IN THE
DEVELOPMENT, INCOME LEVELS SERVED  BY  THE  DEVELOPMENT,  HOW  LONG  THE
LIMITED-PROFIT  HOUSING COMPANY HAS PARTICIPATED IN THE PROGRAM, AND ANY
SALES OR TRANSFERS THAT HAVE OCCURRED SINCE THE  LIMITED-PROFIT  HOUSING
COMPANY  WAS  CREATED.  For  the  purpose  of preparing such report, the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11350-02-5

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